Folkestone company fixed for growth
One of the country’s largest independent distributors of power tools, hand tools, fixings and fasteners has been boosted by a significant development capital investment.
Kent-based Folkestone Fixings (“FFX”) has received backing from funds managed by Foresight Group and both the existing and incoming management teams. Specialist advice for the deal was provided by law firm Cripps Pemberton Greenish and Meta Corporate Finance (“Meta”).
Incoming managers, Patrick Ker and Tim Horrell had been looking for a new business to invest in following the sale of their previous venture, VJ Technology, which operated in a similar sector.
“We have been searching for some time to find the right sort of business and have found it in FFX,” said Patrick Ker. “It is a really well-run company, with a good reputation, well-known brand and strong growth potential.”
FFX began trading in 2003 and has become one of the UK’s largest independent suppliers of high quality tools, fixings and building supplies. The company, which has offices in Folkestone and Ashford, as well as a significant online operation at www.ffx.co.uk, has a reputation for the quality of its customer service, prices and products.
Tim Horrell added: “Our skills complement those of the existing management team and together I am confident we will be able to take FFX into new markets and product ranges that will make the business even more successful and useful for our customers.”
The specialist advice provided to the two entrepreneurs by Meta (Peter Counsell and Mark Ledger-Beadell) and Cripps Pemberton Greenish (Salim Somjee) covered the legal and commercial aspects of their investment.